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Dec 31, 2025
Amgen Q4 2025 Earnings Report
Amgen reported higher fourth-quarter revenue and net income, with GAAP EPS rising year over year while non-GAAP EPS was slightly lower.
Key Takeaways
Amgen delivered Q4 2025 revenue growth and higher GAAP profitability, reporting $9.87B in revenue, $1.33B in net income, and GAAP diluted EPS of $2.45. Non-GAAP diluted EPS was $5.29, and free cash flow was $961M for the quarter.
Total Q4 revenue was $9866000000, supported by product sales of $9367000000.
GAAP diluted EPS was $2.45 and non-GAAP diluted EPS was $5.29.
GAAP net income for the quarter was $1333000000 with operating income of $2720000000.
Free cash flow in Q4 was $961000000.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For full-year 2026, Amgen guided total revenues of $37.0B to $38.4B, GAAP diluted EPS of $15.45 to $16.94, and non-GAAP diluted EPS of $21.60 to $23.00, with capital expenditures expected to be approximately $2.6B and share repurchases not to exceed $3B.
Positive Outlook
- Projected 2026 total revenues of $37000000000 to $38400000000.
- GAAP diluted EPS guidance of $15.45 to $16.94.
- Non-GAAP diluted EPS guidance of $21.60 to $23.00.
- Capital expenditures expected to be approximately $2600000000.
- Share repurchases planned not to exceed $3000000000.
Challenges Ahead
- Guidance is provided as ranges, indicating uncertainty in outcomes.
- GAAP EPS guidance excludes effects of certain future events (e.g., acquisitions, asset impairments, litigation, fair value changes).
- Non-GAAP guidance relies on known adjustments and may change with new developments.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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